#Wang Yongli Discusses the New Bitcoin Policy#

Wang Yongli, former vice president of the Bank of China, wrote an article in "China Foreign Exchange" expressing a rational and cautious attitude towards Trump's new Bitcoin policy. He believes that Bitcoin, as a new type of tradable digital asset, is unlikely to become a true currency, let alone replace sovereign currencies. Its fixed total amount and drastic price fluctuations do not conform to the basic laws of monetary development, and its security and risk management are still immature. Moreover, he questioned the feasibility of Bitcoin as a national strategic reserve, arguing that both governments and central banks face risks and uncertainties. Wang Yongli emphasized that excessive deregulation or weakening of the dollar's status is not advisable, and called for the international community to respond rationally and avoid blindly following the trend. He pointed out that Bitcoin highly imitates gold at the "coin" level, but its total amount and phased increments are completely system-defined, making it more stringent than gold. It cannot grow along with the growth of tradable wealth value, failing to meet the essential requirements of currency. Furthermore, Bitcoin is a purely chain-born digital asset, and once trust is lost, it will vanish into thin air and become worthless, with risks far greater than gold.